Tax Saving Estimator
This tool helps you estimate how much you can potentially save on your income tax by making use of popular tax-saving investment options and deductions. By planning your investments, you can reduce your taxable income and therefore lower your tax liability. (Note: This is a simplified estimator for a generic tax system).
Enter Your Financials
Estimated Tax Savings
Total Deductions Claimed
$0.00
Estimated Tax Saved
$0.00
Net Taxable Income
$0.00
Common Tax-Saving Avenues
While tax laws vary by country, here are some universally common ways to save on income tax:
- Retirement Accounts: Contributing to a 401(k), IRA, or similar pension/provident fund is often tax-deductible.
- Health Insurance Premiums: The amount paid for health insurance for yourself and your family can often be claimed as a deduction.
- Home Loan Interest: The interest portion of your home loan EMI is a significant source of tax relief for homeowners.
- Charitable Donations: Contributions made to registered charities or non-profits are typically eligible for tax deductions.
- Education Loan Interest: The interest paid on a loan taken for higher education can also be claimed as a deduction.